Sec. 3. (a) Subject to subsection (b), each scholarship awarded under this chapter:
(1) may be renewed under this chapter for a total scholarship award that does not exceed the equivalent of the number of terms that constitutes six (6) academic years as determined by the commission; and
(2) is subject to other eligibility criteria as established by the commission.
(b) A scholarship awarded under this chapter may not be renewed if the eligible individual fails to maintain at least a cumulative grade point average that the eligible institution determines is satisfactory academic progress.